How To eFile W2 TAX Form?
A W-2 form, also known as the Wage and Tax Statement and is used by employers to report employee’s annual wages and the amount of taxes withheld from the employee’s paychecks. This document is sent to the Internal Revenue Service (IRS) at the end of the year and a copy is sent to the employees for him to include it in his tax return. It is meant for employees who receive a salary, wage, other forms of compensation. The W-2 form is not for freelancers, independent contractors, or self-employed workers who receive an earnings statement on a Form 1099 rather than a W-2. Each business have to File Federal Tax Online each year on before due date or call 📞 1-855-481-5333 for help from TAX experts .
What Does W-2 Include?
It includes the employee’s total earnings for the year, the amount of taxes withheld by the employer from the employee’s paychecks; segregated into the withholding for federal income tax, Social Security tax, and more. If an employee works for tips, there’s a field to show that too.
The W-2 form is also used to report FICA taxes (Social Security and Medicare) for the employees.
By the end of January, the employers have to file Form W-2, along with Form W-3, for the previous year for each employee with the Social Security Administration (SSA). SSA calculates the social security benefits to each worker based on this info.
When the employee files taxes, the amount of tax withheld already via W-2 form is deducted from his or her tax obligation. If the tax withheld is more than what an employee owes, he or she is entitled to a refund. Form W-2 is also used by the IRS to track an employee’s income and tax liability.
Related Tax Documents
Form W-4 is used by the employee to tell their employer how much tax to withhold from their paycheck every pay period. Contracted employees, on the other hand, fill Form W-9 at the start of their work with a company. Once they complete $600 worth’s of work or more in a year for a particular company, they are issued a 1099 Form for showing their earnings and deductions made thereupon.
Students receive a 1098-E Statement for any year in which they have paid interest on a federal student loan. Students can also fill a 1098-T Statement to report college tuition expenses on which tax deductions or credits are given.
When and Where to Send The W-2 Form?
|Recipient copy must for the employee *||Jan 31, 2020|
|For SSA Paper Filing||Jan 31, 2020|
|For SSA eFile||Jan 31, 2020|
*It’s a good idea to give the W-2 copy to the employees earlier in January so they can spot any corrections or errors.
- New Guidelines:
- File W-2 forms with the Social Security Administration (SSA), not the IRS.
- Beginning in 2018 and going forward, the deadline for filing W-2 forms with the SSA is January 31 of the following year. For 2019 W-2 forms, the filing deadline is January 31, 2020.
When and How to File W-2 Form Online For 2020
W-2 forms must be filed with the Social Security Administration (SSA) and the deadline date is January 31 of the year following the tax year. If the date falls on a weekend or a holiday, then on the next business day.
As per the Social Security Administration, if an organization has 250 or more employees then the W-2 form Must be filed electronically unless a waiver is attained from the IRS for the calendar years through 2020.
There is a penalty for the following:
- Each W-2 form not filed
- Depending on how late the form is filed
- Also depending on the size of the organization
- If filed incorrectly
- If furnished late to the employee
Special Rule for Filing W-2 for Partnerships
- For 2018, if a partnership has 200 or more employees it must file W-2s online
- For 2019, if a partnership has 150 or more employees it must file W-2s online
- For 2020, if a partnership has 100 or more employees it must file W-2s online
- For 2021, if a partnership has 50 or more employees it must file W-2s online.
The official Form W-2 is available in a multi-copy form packet containing all 6 copies that the user may need for each Form W-2 (Copy A, Copy 1, Copy B, Copy C, Copy 2, and Copy D).
W-2 form can be filed directly with the Social Security Administration through its Business Services Online portal.
Get all the information about the W-2s and 1099-MISC with the help of Payroll software or a payroll processing service. TurboTax can also file these forms for you with the SSA. Besides this, you also get a tax guarantee that the forms will meet all the deadlines else TurboTax pays the penalties on your behalf. TurboTax also guarantees maximum tax refunds as well for both employers and employees that use this software.
And of course, this payroll service integrates with your accounting system and is an add-on to QuickBooks Online.
Call to know more about TurboTax Support Phone Number on toll-free helpline 📞 1-855-481-5333.